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Feb 27, 2010
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and financial stability. you may ask about time. in this case, does the imf have the resources? our resources have been boosted to $850 billion. furthermore, i think it should be sufficient. of course, it is sufficient for the short term, the coming years. we need to carefully analyze the potential needs of our members. let me, briefly to the third area of our mandate review, namely, the stability of our financial and monetary system. in my view, the current system, despite some of the subject problems, -- despite some episodic problems, demonstrated resilience during the crisis. the u.s. dollar has played its role as a safe asset. many of you probably, including the, thought that with such -- including me, thought that with such a crisis the value of the dollar would collapse. that has not happened. we still have a tension arising from, on the one hand, the high demand for precautionary reserves and on the other hand, the high demand for those reserves. the fund has a role to play. it partly can be done to f
and financial stability. you may ask about time. in this case, does the imf have the resources? our resources have been boosted to $850 billion. furthermore, i think it should be sufficient. of course, it is sufficient for the short term, the coming years. we need to carefully analyze the potential needs of our members. let me, briefly to the third area of our mandate review, namely, the stability of our financial and monetary system. in my view, the current system, despite some of the subject...
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Feb 28, 2010
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i think it could have ensured long term stability. so part of what the united states has to signal now has become a little more difficult with a 2011 deadline and announced to some degree although there's some flexibility. it committing, developing age, and forcing a long term to the region and i think it has done a pretty good job of convincing the afghan pakistan governments as well as others in the region is committed to the long run to the stability of afghanistan and part of that is actually working with neighbors. the russians, the indians, the afghan and the chinese, the iranians to some degree as well because as we have learned his starkly the neighbors have a large stake in afghanistan as well. >> guest: i would say what i was there last month there was a paramount of concern over the july 2011 deadline that has been set and everyone over there is doing an excellent job of reassuring them and that that doesn't mean we're going to have a massive withdrawal but i think it's important asset in this country about afghanistan it's
i think it could have ensured long term stability. so part of what the united states has to signal now has become a little more difficult with a 2011 deadline and announced to some degree although there's some flexibility. it committing, developing age, and forcing a long term to the region and i think it has done a pretty good job of convincing the afghan pakistan governments as well as others in the region is committed to the long run to the stability of afghanistan and part of that is...
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Feb 14, 2010
02/10
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stabilizing debt at that level will require difficult decisions. as said in the last hearing, i have gone through an exercise that i will be sharing with my colleagues, trying to get 3% of gdp by the first year of this budget, balancing before the end of the tenure time period. i can tell you, it is daunting and striking how tough decisions will have to be. it is really striking out of things are going to happen to be. >> mr. chairman, may i ask you a question on that? >> yes. >> as i recall, the projected budget over the next five years, if not 10 to 15 years, does not even bring down the deficit to 3% of gdp, correct? >> correct. the president's budget has got some tough things in it, but that does not get it down to even 3%. then it starts to go up in the second five years. as i said, if one seriously goes to the exercise, which i ask all of our colleagues to do, i ask them to do their own exercises, see what decisions have to be made to achieve any of the goals that have been outlined. i tell you, it will release over people have really tough t
stabilizing debt at that level will require difficult decisions. as said in the last hearing, i have gone through an exercise that i will be sharing with my colleagues, trying to get 3% of gdp by the first year of this budget, balancing before the end of the tenure time period. i can tell you, it is daunting and striking how tough decisions will have to be. it is really striking out of things are going to happen to be. >> mr. chairman, may i ask you a question on that? >> yes....
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Feb 17, 2010
02/10
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first, the worst choice of our -- in terms of our long-term stability but perhaps the easiest in terms of short-term political option is that we can knock on the central bank's door and request i or demand that it print money to buy the swelling amounts of public debt. or secondly, perhaps more tolerable politically but still, i think all damaging to our economy. we can do nothing. so long as the domestic and foreign markets are willing to fund our borrowing needs at probably and inevitably at higher interest rates. or third, the most difficult, and probably the least palatable politically, we can act now to implement programs to reduce spending and increase revenues to more sustainable levels and far as our deficit and our debt look. and this last option involve some pretty hard choices. however, in my view, it is as others have said, the responsible path to sustainable growth and the alternative options inevitably lead to financial crisis and greater long run sources in our national coincidental and wealth of this nation. the question of what combination of spending the country might
first, the worst choice of our -- in terms of our long-term stability but perhaps the easiest in terms of short-term political option is that we can knock on the central bank's door and request i or demand that it print money to buy the swelling amounts of public debt. or secondly, perhaps more tolerable politically but still, i think all damaging to our economy. we can do nothing. so long as the domestic and foreign markets are willing to fund our borrowing needs at probably and inevitably at...
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Feb 27, 2010
02/10
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we have seen dollar stabilize to some degree. could that derail any of that export profitability you see in 2010? >> well, slightly, but not-- not enough to derail it. i think you can still have a good 12% growth, even with a stronger dollar. >> tom: earlier you mentioned a search for yield and that has led a lot of people to take what's called credit risk, basically the io. >> risk of high yield or junk bondss. you have a couple of picks. j and k one of the etfs that invests in junk bonds and a high-yield exchange traded fund. what do you like in this area of fixed income? >> after the fed tightens, generally you would think fixed income would sell off. you don't want to be in long-term government bonds but with junk bonds, the fed doesn't tighten unless the economy is really doing well. and that means there's less out there for the bonds and they're still yielding around 12%, and the jnx is 70%. 70% of the holdings are in the industrial area. >> tom: we just have 20 seconds here left. analogy mortgage, nly, what are your hopes
we have seen dollar stabilize to some degree. could that derail any of that export profitability you see in 2010? >> well, slightly, but not-- not enough to derail it. i think you can still have a good 12% growth, even with a stronger dollar. >> tom: earlier you mentioned a search for yield and that has led a lot of people to take what's called credit risk, basically the io. >> risk of high yield or junk bondss. you have a couple of picks. j and k one of the etfs that invests...
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Feb 27, 2010
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but between 1929, and 1978, there was a period of stability. what is clear is afghans do have a history of stabilizing their country. there have been recent stable periods. as we look at trying to create a stable afghanistan, we increasingly has mark noted, have afghans with the central government and the local government level doing the bulk of that work. just one thing. we have often thought of over the last eight years there has been a concept of trying to do this from the top down. .. graveyard of empires" you write this. charles from sales, missouri. go ahead with your question for our guest. call code good evening, gentlemen. this has been alluded to before and as long as we throw money at and ew government, iraq and afghanistan, once we throw money at them they're going to go back to the tribal affairs or whatever and here we are -- we wasted all this money. it started during the bush administration. and worse all the persons that have been killed and wounded -- now that's really terrible. just remember and i think one of you alluded to
but between 1929, and 1978, there was a period of stability. what is clear is afghans do have a history of stabilizing their country. there have been recent stable periods. as we look at trying to create a stable afghanistan, we increasingly has mark noted, have afghans with the central government and the local government level doing the bulk of that work. just one thing. we have often thought of over the last eight years there has been a concept of trying to do this from the top down. .....
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Feb 1, 2010
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version we think is constitutional. >> let me take a look at it. >> i would simply say that automatic stabilizer spending is mandatory spending. the discretionary spending, the bills that congress signs that you sign into law, that has increased 84%. >> we will have a longer debate on the budget numbers, all right? >> shelley moore capito, west virginia. >> thank you mr. president -- thank you, mr. president, for joining us here today. as you said in the state of the union address on wednesday, jobs and the economy are number one. i think everyone in this room,
version we think is constitutional. >> let me take a look at it. >> i would simply say that automatic stabilizer spending is mandatory spending. the discretionary spending, the bills that congress signs that you sign into law, that has increased 84%. >> we will have a longer debate on the budget numbers, all right? >> shelley moore capito, west virginia. >> thank you mr. president -- thank you, mr. president, for joining us here today. as you said in the state of...
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Feb 11, 2010
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but -- stability, our housing program. but then it goes to the policies put in place in other areas. i think it's so easy when we're all caught up in thinking about what's going to happen with the health care reform bill that's before the house and the senate to remember back that we passed the re-authorization of the children's health insurance program that brought health insurance coverage to an additional four million children. and we just go through all of those kind of accomplishments. we are in the middle of doing financial regulatory reform. let's remember we passed the credit card bill last spring to try to deal with some of the consumer issues there. and so it really is in one place getting a sense of the tremendous amount that has been accomplished. and then of course it lays forward the president's economic agenda. and here -- you know, i think one thing that i think is so important to keep in mind, as an economist the way we think about economic policy is, you know, what is the problem going on in the private m
but -- stability, our housing program. but then it goes to the policies put in place in other areas. i think it's so easy when we're all caught up in thinking about what's going to happen with the health care reform bill that's before the house and the senate to remember back that we passed the re-authorization of the children's health insurance program that brought health insurance coverage to an additional four million children. and we just go through all of those kind of accomplishments. we...
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Feb 19, 2010
02/10
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stabilizing, not civilized. upward trend, positive movement, doing the right things, firing on all cylinders, afghan government performance, and the population stars to come along. -- the population starts to come along. future operations later on this summer will solidify that and perhaps be able to expand. i end the presentation on this slide. the single most persistent threat will be the afghan people and their government. it is not that they do not deserve to win or do not deserve to have a country that works. but remember the shattered society, the skewed loyalty structure, add to the mix the selfish powerful actors, had years of warfare where we have not been producing results -- that affects the public mind. when will they commit and how will they do so? let's not forget that this population adequately motivated can do pretty much whatever it wants. it is getting it motivated. a fairly small group as the law- and-order party rid themselves of which had been -- of mujahadeen fairly quickly. afghan governme
stabilizing, not civilized. upward trend, positive movement, doing the right things, firing on all cylinders, afghan government performance, and the population stars to come along. -- the population starts to come along. future operations later on this summer will solidify that and perhaps be able to expand. i end the presentation on this slide. the single most persistent threat will be the afghan people and their government. it is not that they do not deserve to win or do not deserve to have a...
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Feb 2, 2010
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it will ensure stability in the student loan program. as well as the administration's t be the college tax benefit permanent. we are also proposing to improve upon the existing income-based retirement programs are no student has to pay more than 10% of the discretionary income in loan payments. students who enter into public service jobs, other folks have the balance forgiven after 20 years. i think most of these numbers that the secretary mentioned our requests to make available $156 billion in new grants, loans, and works of programs providing three out of five students with aid. this would increase by 60% compared to 2008 before the president took office nearly 15 million students would receive aid under the proposal. we would help graduates manage debt through an improved income- based repayment program and increase the pell grant maximum through a tenure window -- a 10 year window. the budget also supports the $2.5 billion over 10 years for hcpu's and other minority- serving institutions as well as a 5% increase in discretionary fun
it will ensure stability in the student loan program. as well as the administration's t be the college tax benefit permanent. we are also proposing to improve upon the existing income-based retirement programs are no student has to pay more than 10% of the discretionary income in loan payments. students who enter into public service jobs, other folks have the balance forgiven after 20 years. i think most of these numbers that the secretary mentioned our requests to make available $156 billion...
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Feb 25, 2010
02/10
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and nationwide insurance, working to improve -- tavis and nationwide insurance, working to improve stability. >> and by contributions to your pbs stations by viewers like you. thank you. [captioning made possible by kcet public television] >> evan bayh recently announced his decision not to seek another term in the senate. he also served two terms as governor of indiana. he joins us tonight from capitol hill. it is always good to have you back on the program. >> good to be with you. tavis: for those who did not see the "the new york times" piece you wrote last sunday, which
and nationwide insurance, working to improve -- tavis and nationwide insurance, working to improve stability. >> and by contributions to your pbs stations by viewers like you. thank you. [captioning made possible by kcet public television] >> evan bayh recently announced his decision not to seek another term in the senate. he also served two terms as governor of indiana. he joins us tonight from capitol hill. it is always good to have you back on the program. >> good to be...
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Feb 19, 2010
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so what is clear that afghans do have a history of stabilizing their country. there has been recent stable periods. so the issue for us as we like to turn to create a stable afghanistan, relatively stable document and is one where we increasingly, as mark noted, have afghans both of the central government, but also the local government levels doing the bulk of the work. and if i could decide one thing, you know, we have often thought in the last eight years there's been a concept of trying to do this entirely from the top down from the central government. i would also argue that there is never, ever been a history in afghanistan and rural areas where the central government has provided long-term stability. so we have to remember we're not dealing with a traditional western states. >> host: and from "in the graveyard of empires" you write this. charles from sales, missouri. go ahead with your question for our guest. call code good evening, gentlemen. this has been alluded to before and as long as we throw money at the new government, iraq and afghanistan, they'r
so what is clear that afghans do have a history of stabilizing their country. there has been recent stable periods. so the issue for us as we like to turn to create a stable afghanistan, relatively stable document and is one where we increasingly, as mark noted, have afghans both of the central government, but also the local government levels doing the bulk of the work. and if i could decide one thing, you know, we have often thought in the last eight years there's been a concept of trying to...
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Feb 24, 2010
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strengthening our financial regulatory system is essential for the long-term economic stability of the nation. among the lessons in the crisis of the crucial importance of macro prudential regulation. that is regulation and supervision aimed at addressing risks to the financial system as a whole and the need for effective consolidated supervision of every financial institution that is so large or interconnected that its failure could threatening the functioning of the entire financial system. the federal reserve strongly supports the congress's ongoing efforts to achieve comprehensive financial reform. in the meantime to strengthen the federal reserve's oversight of banking organizations we have con diktd an intensive self-examination of our regulatory and supervisory responsibilities and have been actively implementing improvements. for example, the federal reserve has been playing a key role in international efforts to toughen capital and liquidity requirements for financial institutions, particularly systemically critical firms and have been taking the lead in ensuring compensation
strengthening our financial regulatory system is essential for the long-term economic stability of the nation. among the lessons in the crisis of the crucial importance of macro prudential regulation. that is regulation and supervision aimed at addressing risks to the financial system as a whole and the need for effective consolidated supervision of every financial institution that is so large or interconnected that its failure could threatening the functioning of the entire financial system....
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Feb 7, 2010
02/10
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there is also a general concern for the long-term stability of the legal system.
there is also a general concern for the long-term stability of the legal system.
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Feb 4, 2010
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that was stabilizing. states are still going through incredible pain, but did not have to lay off teachers or firefighters or cops at the levels they otherwise would have had to. that provided some stability and some certainty. so the steps you have taken as a congress, the steps we have taken as an administration have helped to stabilize us. now moving forward, blanche, what you will hear from some folks is that the way to achieve greater -- even greater economic growth -- and keep in mind if the economy is not growing at a 6% clip, so the question is when businesses will start to hire because they are now making a profit -- you are going to start during that the only way to provide stability is to go back and do what we have been doing before the crisis. so i noticed yesterday when we were -- there was some hearing about our proposal to provide additional financing to small businesses and tax credits to small businesses. some of our friends on the other side of the aisle said this won't help at all, what
that was stabilizing. states are still going through incredible pain, but did not have to lay off teachers or firefighters or cops at the levels they otherwise would have had to. that provided some stability and some certainty. so the steps you have taken as a congress, the steps we have taken as an administration have helped to stabilize us. now moving forward, blanche, what you will hear from some folks is that the way to achieve greater -- even greater economic growth -- and keep in mind if...
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Feb 14, 2010
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, stabilizing action. do you think we would've gotten to tuesday on aig if there had been action on merrill that they? >> i don't know. i don't know what would've happened, because i don't think, warren, i don't think we could have taken one of the big institution. >> now -- >> the system is -- i think the thing that is hard for people to understand is, you know, we had 10 institutions that had, you know, 50 to 60 percent of the financial assets in this country and were so interconnected, i think we would have -- it would have in many ways we were, as bad as this is and it is terrible, but when we look at what could've happened, we're pretty fortunate. >> hank, given that british like failed warning about the situation a couple of days order, but in effect, they blocked the berkeley acquisition of lehman. do you think they understood what the consequences were? >> i don't know everything they understood, but remember, there was a requirement for a shareholder vote. >> but we overcame a lot things in this c
, stabilizing action. do you think we would've gotten to tuesday on aig if there had been action on merrill that they? >> i don't know. i don't know what would've happened, because i don't think, warren, i don't think we could have taken one of the big institution. >> now -- >> the system is -- i think the thing that is hard for people to understand is, you know, we had 10 institutions that had, you know, 50 to 60 percent of the financial assets in this country and were so...
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Feb 2, 2010
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our civilians help bring stability to volatile regions of and to stabilize global economies to assist minish -- to diminish the trans-national criminal networks and to strive for a world without nuclear weapons. these are serious challenges and this represents a fraction of what it costs for military engagement if conditions deteriorate to where military action is needed. military operations will end of the work of the state department will continue on a long-term basis. the goal and afghanistan is to manage a similar transition security conditions said rigid permit in july of 2010. -- 2011. the proposed budget will enhance the strategic course is available to address future challenges. the increase of 410. service personnel will help meet these needs and that sustained at this rate will result in a 20% increase by 2014. an increase of 200 foreign service offers will keep the agency on a path of doubling the foreign service by 2012. fiscal constraints remain but will remain on track to fix these core capabilities. technology, health care, housing, and other support for the all volunte
our civilians help bring stability to volatile regions of and to stabilize global economies to assist minish -- to diminish the trans-national criminal networks and to strive for a world without nuclear weapons. these are serious challenges and this represents a fraction of what it costs for military engagement if conditions deteriorate to where military action is needed. military operations will end of the work of the state department will continue on a long-term basis. the goal and...
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Feb 14, 2010
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very, very concerned about stabilizing fannie and freddie because as more and said there is five port $4 trillion in securities they were either insured or issue directly and highly leveraged institutions. where the securities were howled 1.7 trillion, the biggest portion inside the u.s.. and we had been trying to get reform legislation from congress beginning 2,006 and to get the reforms that we needed but we are unable to get to the action and that they were just on the edge so we're able to go to congress and get the authorities. and what we needed to spend time to pore over their books and understanding the financial situation, and the book i recount i was in china for the olympics. it was given to understand the chinese had been approached by the russians with a suggestion that they could sell some of the securities together to test our resolve. who knows. >> host: why? >> guest: i don't know why. but we have had so many conversations with the russians and the chinese, i just knew that any kind of said then selling would spook the markets. and i would say it never happens but whe
very, very concerned about stabilizing fannie and freddie because as more and said there is five port $4 trillion in securities they were either insured or issue directly and highly leveraged institutions. where the securities were howled 1.7 trillion, the biggest portion inside the u.s.. and we had been trying to get reform legislation from congress beginning 2,006 and to get the reforms that we needed but we are unable to get to the action and that they were just on the edge so we're able to...
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Feb 19, 2010
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stabilizing. not stabilize. upward trends. positive movement. doing the right things and firing on all sill dars. -- cylinders. the population starts to come along. that's really what we're attempting to achieve and that can grow with more forces and future operations later on in the spring and summer will solidify that and perhaps be able to expand. next slide. the single most persistent threats, ladies and gentlemen, to success in afghanistan, will be the afghan people and their government. it is themselves. it is not that they don't deserve to win. don't deserve to have a country that works but remember that shattered society. that skewed loyalty structure. add to the mix, those selfish, powerful actors and add years of warfare where we haven't been producing the results and the skepticism can arrive. that affects the public mind. when will they commit and how will they do so? let's not forget that this population, adequately motivated can do pretty much whatever it wants. it is getting it motivated. a fairly small group of talent, as the law
stabilizing. not stabilize. upward trends. positive movement. doing the right things and firing on all sill dars. -- cylinders. the population starts to come along. that's really what we're attempting to achieve and that can grow with more forces and future operations later on in the spring and summer will solidify that and perhaps be able to expand. next slide. the single most persistent threats, ladies and gentlemen, to success in afghanistan, will be the afghan people and their government....
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Feb 16, 2010
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decline of moral values and political stability at home. over confident and overextended militarily around the world. and fiscal irresponsibility by the central government. if those sound familiar, it's time to wake up and start putting processes in places to make tough choices before we passed a tipping point. we must learn the lessons from history, and act before a crisis is at our doorstep. and to begin, i look forward to what president obama has to say about this commission, and i'm hopeful that political parties won't play politics with it. and i think if they do, they just might be punished at the polls. because in my view, what happened in massachusetts was not a victory for republicans. it was a rise of independence. it was discussed with the status quo. it was a desire for real action, and it was a calling for washington to become more connected with america. i know we can, i know we must, i hope that we will make tough choices sooner rather than later. and if we do, our future can be better than our past. and if we do, the america
decline of moral values and political stability at home. over confident and overextended militarily around the world. and fiscal irresponsibility by the central government. if those sound familiar, it's time to wake up and start putting processes in places to make tough choices before we passed a tipping point. we must learn the lessons from history, and act before a crisis is at our doorstep. and to begin, i look forward to what president obama has to say about this commission, and i'm hopeful...
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Feb 11, 2010
02/10
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the expansion of what used to be the financial stability form into a financial stability board into -- which includes the g-20 countries is an important democratization of the way in which banking regulations are going to be done, so we're but dissipating in that. i think the real issue for us is going to be questions that will be raised and are raised at home. you know, in the light of the fact that the global financial system rather than the financial system in industrialized countries is now seen to have been engaged in too much of risk-taking, too much of a market knows best ideology which is changing. what does this imply from our point of view? our view is we have been fairly conservative. we were nearly near -- nowhere near the frontiers of this kind of financial innovation, and our strategy then was that we should gradually move to what is the consensus on good financing. that is -- consensus changed in the sense that there is less of the innovative free-for-all activity. we are so far internal to the frontier that we have to keep on moving in the same direction. i think you'l
the expansion of what used to be the financial stability form into a financial stability board into -- which includes the g-20 countries is an important democratization of the way in which banking regulations are going to be done, so we're but dissipating in that. i think the real issue for us is going to be questions that will be raised and are raised at home. you know, in the light of the fact that the global financial system rather than the financial system in industrialized countries is now...
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Feb 19, 2010
02/10
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so what is clear that afghans do have a history of stabilizing their country. there has been recent stable periods. so the issue for us as we like to turn to create a stable afghanistan, relatively stable document and is one where we increasingly, as mark noted, have afghans both of the central government, but also the local government levels doing the bulk of the work. and if i could decide one thing, you know, we have often thought in the last eight years there's been a concept of trying to do this entirely from the top down from the central government. i would also argue that there is never, ever been a history in afghanistan and rural areas where the central government has provided long-term stability. so we have to remember we're not dealing with a traditional western states. >> host: and from "in the graveyard of empires" you write this. charles from sales, missouri. go ahead with your question for our guest. call code good evening, gentlemen. this has been alluded to before and as long as we throw money at the new government, iraq and afghanistan, they'r
so what is clear that afghans do have a history of stabilizing their country. there has been recent stable periods. so the issue for us as we like to turn to create a stable afghanistan, relatively stable document and is one where we increasingly, as mark noted, have afghans both of the central government, but also the local government levels doing the bulk of the work. and if i could decide one thing, you know, we have often thought in the last eight years there's been a concept of trying to...
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Feb 4, 2010
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the options stabilizing and the options action stabilizing and the stock price stabilizing. it's a little bit hard because we're also in the middle of a market correction here. so that's impacting the performance of the stock as well, but, you know, we're simply looking for stabilization and the price momentum and value buyers coming in here because this is a distress situation with real value in terms of the earnings, for a very high quality company, aa accredit rating and very strong historic sales growth and the operating margins above the peer. so this is a quality company and worth a higher multiple at some point. >> tyler here. phil lebeau has made a point that if there's pleasure from toyota's pain, it might be down to honda and/or hyundai. i can help with all of the manufacturers and even help ford and gm which would not be a bad thing in terms of the american economy at all. if you look at toyota, you've got a big part of the production here in the states throughout the south. they are a big presence in terms of the auto manufacturing industry in the states now. so
the options stabilizing and the options action stabilizing and the stock price stabilizing. it's a little bit hard because we're also in the middle of a market correction here. so that's impacting the performance of the stock as well, but, you know, we're simply looking for stabilization and the price momentum and value buyers coming in here because this is a distress situation with real value in terms of the earnings, for a very high quality company, aa accredit rating and very strong historic...
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Feb 5, 2010
02/10
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budget was in the spring, the blueprint for job creaks, tax reduction, deficit reduction and building stability for the future. we passed a bill in december. the senate is working on their bill. we'll look guard to working with them to have a bill on the president's desk as soon as possible. on the health care front we are moving ahead still on a path to passing legislation and until we can pass a bigger bill we'll be passing next week the anti-trust legislation. for 60 years, the insurance industry has had a unique -- they and major league baseball -- the insurance industry has had an exemption from antitrust in terms of price fixing, collusion and you name it. when we pass this bill and when signed into law, it will increase competition, give consumers more choices and we believe lower cost for health care in our country. so with that -- health care, jobs, pay as you go -- yes, ma'am? >> could you tell us a little bit about any discussions you've had with senator reid about how to go guard with the jobs package? there is some talk about whether or not there will be a series of small bills. yo
budget was in the spring, the blueprint for job creaks, tax reduction, deficit reduction and building stability for the future. we passed a bill in december. the senate is working on their bill. we'll look guard to working with them to have a bill on the president's desk as soon as possible. on the health care front we are moving ahead still on a path to passing legislation and until we can pass a bigger bill we'll be passing next week the anti-trust legislation. for 60 years, the insurance...
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Feb 14, 2010
02/10
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. >> it never happened, but we were very, very concerned about stabilizing fannie and freddie because there were $434 million of securities either directly or indirectly secured by these institutions. and these securities were held i think about 1.7 trillion outside the u.s.. the biggest portion was inside the u.s., and we had gone -- i had been trying to get reform legislation from congress to get it 2006, and to get the kind of reforms we need it but we were unable to get action until they were just on the edge. so we were able to go to congress and get the authorities and that we needed to spend time poring over their books understanding of the financial situation. i had in the book i recount that i was in china for the olympics, and i was given to understand the chinese had been approached by the russians with a suggestion that they could sell the some of the securities together may be to test the results. who knows why -- >> why do you think? >> i would say probably just -- i don't know why. but we had so many conversations with the russians, the chinese and everyone else i just
. >> it never happened, but we were very, very concerned about stabilizing fannie and freddie because there were $434 million of securities either directly or indirectly secured by these institutions. and these securities were held i think about 1.7 trillion outside the u.s.. the biggest portion was inside the u.s., and we had gone -- i had been trying to get reform legislation from congress to get it 2006, and to get the kind of reforms we need it but we were unable to get action until...
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Feb 4, 2010
02/10
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>> i agree with you, dylan, about stability. the good news is this could increase stability. very happy to see that afghanis are involved not only in the execution of this, but in the planning as well. that's important. >> so how does adding to the -- how does escalating the war with the incumbent power structure make it more stable? >> the theory here is what they're going to be able to do is take into consideration the actual government of afghanistan. so the goal isn't just to kill terrorists, to kill the taliban, but to create a safe haven for the government to function. but i will tell you, dylan, here's what i'm concerned about. i read the reuters story about this, and number one, why are you telegraphing this that you're coming in. number two, the timing. according to reuters, part of the reason for this surge right now is because they've planned to withdraw american troops next year. i hope -- >> i've got to move on. but after nine years, and considering that our military capability slightly greater than that of afghanistan, just by a little, my sense is, that bullets
>> i agree with you, dylan, about stability. the good news is this could increase stability. very happy to see that afghanis are involved not only in the execution of this, but in the planning as well. that's important. >> so how does adding to the -- how does escalating the war with the incumbent power structure make it more stable? >> the theory here is what they're going to be able to do is take into consideration the actual government of afghanistan. so the goal isn't just...
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Feb 19, 2010
02/10
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that afghans do have a history of stabilizing their country. there have been recent stable. but i think the issue is for us as be looking at trying to create a stable afghanistan, relatively stable afghanistan is one where we increasingly as mark noted, have afghans both in the central government but also the local government level doing the bulk of that work. if i could just add one thing, he know we have often thought of, and over the last eight years there has been the concept of trying to do this entirely from the top-down from the central government. i would also argue that there has never, ever been a history in afghanistan in the rural areas where the central government has provided long-term stability so we have to remember we are not dealing with the traditional western state. >> host: from "in the graveyard of empires" you write this. charles, missouri i believe it is. go ahead with their question for our guest. >> caller: good evening gentlemen. as long as we throw money at the two governments, iraq and afghanistan, once we quit thro
that afghans do have a history of stabilizing their country. there have been recent stable. but i think the issue is for us as be looking at trying to create a stable afghanistan, relatively stable afghanistan is one where we increasingly as mark noted, have afghans both in the central government but also the local government level doing the bulk of that work. if i could just add one thing, he know we have often thought of, and over the last eight years there has been the concept of trying to...
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Feb 11, 2010
02/10
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the expansion of what used to be the financial stability form into a financial stability board into -- which includes the g-20 countries is an important democratization of the way in which banking regulations are going to be done, so we're but dissipating in that. i think the real issue for us is going to be questions that will be raised and are raised at home. you know, in the light of the fact that the global financial system rather than the financial system in industrialized countries is now seen to have been engaged in too much of risk-taking, too much of a market knows best ideology which is changing. what does this imply from our point of view? our view is we have been fairly conservative. we were nearly near -- nowhere near the frontiers of this kind of financial innovation, and our strategy then was that we should gradually move to what is the consensus on good financing. that is -- consensus changed in the sense that there is less of the innovative free-for-all activity. we are so far internal to the frontier that we have to keep on moving in the same direction. i think you'l
the expansion of what used to be the financial stability form into a financial stability board into -- which includes the g-20 countries is an important democratization of the way in which banking regulations are going to be done, so we're but dissipating in that. i think the real issue for us is going to be questions that will be raised and are raised at home. you know, in the light of the fact that the global financial system rather than the financial system in industrialized countries is now...
WHUT (Howard University Television)
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Feb 4, 2010
02/10
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WHUT
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to stabilize. >> rose: what did you do? >> well, remember, morgan stanley was under extreme pressure. liquidity was disappearing very quickly. one of the... i tell about a number of really very, very difficult telephone conversations. >> rose: well, just tell us about it. >> i would say that the... but what you're specifically alluding to was morgan stanley and to john mack's great credit he had gone out and interested a japanese bank in making an investment. mitsubishi. and that... and but he needed that deal to close, we wanted it to close. we were naturally... all through this crisis we talked with foreign governments. they had a real interest in the stability of our system and what was going on, so we talked to the chinese, we talked to the japanese. now, in the case of the morgan stanley investment with mitsubishi, the japanese government obviously wanted to know, as did the bank, that investment would be welcomed and that the u.s. government wouldn't go right after investment was made and do something that would... >>
to stabilize. >> rose: what did you do? >> well, remember, morgan stanley was under extreme pressure. liquidity was disappearing very quickly. one of the... i tell about a number of really very, very difficult telephone conversations. >> rose: well, just tell us about it. >> i would say that the... but what you're specifically alluding to was morgan stanley and to john mack's great credit he had gone out and interested a japanese bank in making an investment. mitsubishi....
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Feb 11, 2010
02/10
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in fact, the expansion of what used to be the financial stability forum into a financial stability board, which includes all the g-20 countries is an important democratization of the way in which banking regulations going to be done. so we are participating in that. and i think the real issue for us is going to be questions that would be raised and are raised at home. and you know, in the life of the fact that the global financial system, rather the financial system in industrialized countries is now seem to have been engaged in too much of risk-taking, too much of a free for all, too much of a market knows best sort of ideology, which is now changing. what does this imply for our point of view? i think our view is that we've been fairly conservative. we were nowhere near the front years of this kind of financial innovation. and our strategy then was that we should gradually move to what is the consensus on good financing. that consensus early change there would be less of the innovative free for all activity. but we are so far internal to the frontier that we will have to keep on moving
in fact, the expansion of what used to be the financial stability forum into a financial stability board, which includes all the g-20 countries is an important democratization of the way in which banking regulations going to be done. so we are participating in that. and i think the real issue for us is going to be questions that would be raised and are raised at home. and you know, in the life of the fact that the global financial system, rather the financial system in industrialized countries...
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Feb 26, 2010
02/10
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after the obama administration took office secretary geithner announced the financial stability plan a key component of which was the stress test. the treasury worked with federal banking supervisors to develop the supervisory capital assessment program to determine whether the nation's largest bank-holding companies had a capital buffer sufficient to with stand losses and sustain lending in a significantly more adverse economic environment. domestic bank-holding companies with year end 2008 assets exceeding $100 billion were required to participate in the scap. gmac with $173 billion in assets at the end of 2008 was one of these 19 institutions. on may 7th the federal reserve initialed the initial results of the stress test which required in gmac's case that it raised $13.1 billion of new capital. in consultation with the banking shoulders, treasury helped gmac meet that requirement by investing additional capital in two tranches. the first was on may 21st to address its immediate capital needs. treasury ultimately invested an additional $3.8 billion on december 30th, about a billio
after the obama administration took office secretary geithner announced the financial stability plan a key component of which was the stress test. the treasury worked with federal banking supervisors to develop the supervisory capital assessment program to determine whether the nation's largest bank-holding companies had a capital buffer sufficient to with stand losses and sustain lending in a significantly more adverse economic environment. domestic bank-holding companies with year end 2008...
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Feb 19, 2010
02/10
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set conditions, and they won't be done from a stabilizing and stabilized. upward trends, positive movement, doing the right things and all actors firing on all cylinders, afghan government performing. and the population starts to come along. and that is really what we are attempting to achieve and that it can grow with more horses, and future operations later this spring and summer. will solidify that and perhaps be able to expand. next slide. these -- the presentation on the slide, the single most persistent threat to success in afghanistan will be the afghan people and their government, themselves. it's not that they don't deserve to win. don't deserve to have a country that works. but remember that shatter society, that skew the loyalty structure and add to the mix is always a powerful actors and i and years of warfare where we have been producing results and the skepticism that could arise from that. one that affects the public mind. when will they commits and how will they do so? let's not forget that this population adequately motivated can do pretty
set conditions, and they won't be done from a stabilizing and stabilized. upward trends, positive movement, doing the right things and all actors firing on all cylinders, afghan government performing. and the population starts to come along. and that is really what we are attempting to achieve and that it can grow with more horses, and future operations later this spring and summer. will solidify that and perhaps be able to expand. next slide. these -- the presentation on the slide, the single...
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Feb 13, 2010
02/10
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it is something that the financial stability board has taken on as a task. there have been some preliminary discussions of trying to seek if we can't come to agreement on a $#' $d$)á)á this. it is important we begin here. there is the issue of sovereign behavior. the greek government is now in a very serious crisis which is rattlingÑi the markets. there is some indication thatçó derivatives and credit defaults swaps have come into it. apparently, there are reports that investment banking firms have helped them legally avoid a situation. the long and short of it is that we also have to include sovereign entities in terms of data collection. >> one of the lessons that the international community drew from some of the -- some of the sovereign debt crises of the late 1990's and a very early years of this century was that there need to be more transparency associated with a lot of sovereign debt issuance. the international monetary fund undertook to create special data dissemination standards which would provide more such information. generally speaking, i w
it is something that the financial stability board has taken on as a task. there have been some preliminary discussions of trying to seek if we can't come to agreement on a $#' $d$)á)á this. it is important we begin here. there is the issue of sovereign behavior. the greek government is now in a very serious crisis which is rattlingÑi the markets. there is some indication thatçó derivatives and credit defaults swaps have come into it. apparently, there are reports that investment banking...
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Feb 25, 2010
02/10
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nobody wants another crisis because it affects economic stability, political stability, but it's too early to tell. prosecutors allege the plot-- dubbed "operation sledgehammer"- - was hatched in march of 2003. they say it included plans to bomb mosques and other civilian targets, and provoke a new crisis with greece. the goal: to sow enough instability that it would justify a military coup. in the end, no attacks ever occurred, but prosecutors have not said why they think the plot fell apart. so far, the turkish military has so far, the turkish military has strongly denied there was such a plot, though they haven't denied that they have engaged in scenario planning of various kinds. henri barkey, says there's little doubt the conspiracy existed, at least at some levels. >> they never succeeded in doing it, but they planned it. they organized for it, and just because they did not execute them does not mean they did not break the law. and this is what this is all about. >> what we do know is that when it came to the top leadership it was stopped, whatever attempt there may have been t
nobody wants another crisis because it affects economic stability, political stability, but it's too early to tell. prosecutors allege the plot-- dubbed "operation sledgehammer"- - was hatched in march of 2003. they say it included plans to bomb mosques and other civilian targets, and provoke a new crisis with greece. the goal: to sow enough instability that it would justify a military coup. in the end, no attacks ever occurred, but prosecutors have not said why they think the plot...
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Feb 1, 2010
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forces to strengthen regional stability. this is to $0.2 billion. we continue to support the government of of columbia in its battle against drug trafficking. we find that critical maritime initiative in mexico to help the government fight against drug cartels which has a direct impact on the united states. the budget also includes funds to help our friends in central america. funding for this initiative is $410 million. finally, these funds provide economic developments assistants around the world and provide basic services for people and support civil society and other groups who deserve the opportunity to participate in the political process. this is a large category. most of you see it as development and economic assistance, $5 billion, which includes $1.3 billion for economic and development assistance in the near east, such as yemen. the palestinian authority as well. in the sudan, it supports the comprehensive peace agreement. this budget also begins to rebalance the civilian and military roles. secretary gates is said one of the most importa
forces to strengthen regional stability. this is to $0.2 billion. we continue to support the government of of columbia in its battle against drug trafficking. we find that critical maritime initiative in mexico to help the government fight against drug cartels which has a direct impact on the united states. the budget also includes funds to help our friends in central america. funding for this initiative is $410 million. finally, these funds provide economic developments assistants around the...
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Feb 13, 2010
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but it is something which the financial stability board has taken on as a task here there have been some preliminary discussions on how to organize the work of trying to see if we can come to agreement on a template for reporting of the largest most act as globally active financial institutions. it's far too early to report progress there, senator, i can't say that the effort has been lodged. >> well, thank you governor. as you know we're proceeding down and i think appropriately so legislative that which we hope will incorporate the systemic collection of information. i've got legislation in and in fact i want to err mendelowitz and professor liechty for their professors and hope. but this is going to have to be enough hurt that goes beyond the ifa to understand that but i think it's important we begin here. another aspect of this international question is the issue of sovereign behavior. the greek government now is in a very serious crisis, which is rattling the markets. there also was some indication that another one of our favorite topics, derivatives and credit default swaps have co
but it is something which the financial stability board has taken on as a task here there have been some preliminary discussions on how to organize the work of trying to see if we can come to agreement on a template for reporting of the largest most act as globally active financial institutions. it's far too early to report progress there, senator, i can't say that the effort has been lodged. >> well, thank you governor. as you know we're proceeding down and i think appropriately so...
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Feb 25, 2010
02/10
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about the country's fiscal stability. i am pleased to have him back at this stable. welcome. >> >> good to be here. >> rose: what do we expect to come out of this experience that's happening on thursday with the president and health care? >> well, what i hope comes out of it is agreement on a health care bill that not only expands coverage but that helps to reduce the deficit, contain costs, and improve quality over time. that's what we need do. >> rose: so essentially you hope what happens is he convinces republicans and democrats to get on board the new bill that he is recommending, which is essentially the senate... >> with some improvements, yes. >> rose: improvements? what are the improvements? >> well, for example, one of the concerns had been the degree of costs imposed at the very bottom of the income distribution, so called actuarial values that were contained the in the plans in the senate. the president's proposal addresss that to some degree. so there are a variety of changes that have been made that we believ
about the country's fiscal stability. i am pleased to have him back at this stable. welcome. >> >> good to be here. >> rose: what do we expect to come out of this experience that's happening on thursday with the president and health care? >> well, what i hope comes out of it is agreement on a health care bill that not only expands coverage but that helps to reduce the deficit, contain costs, and improve quality over time. that's what we need do. >> rose: so...
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Feb 24, 2010
02/10
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CNBC
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one was to stabilize the banks and the second was to give them capital to base their lending. unfortunately, the politics was very bad, as you know, and the public and the congress have citiing mattized that money and the banks therefore have done the best they can to pay it back as quickly as possible. basically all of the big banks have paid back the t.a.r.p. money so it is no longer available to provide support for credit and that's unfortunate. another thing i would like to mention is ironically, one of the reasons that we lost so many jobs is that american firms were incredibly efficient at reducing their costs in the depth of the crisis. many other countries were not as effective in cutting costs and what we found here is we've had enormous increases in productivity which worked well for the long run, but in the short run it means there have been more job losses than would have otherwise been the case. it is hard to judge how quickly jobs will come back. it may be that firms may cut to the bone in that they can't get further reductions in their cost and as growth comes b
one was to stabilize the banks and the second was to give them capital to base their lending. unfortunately, the politics was very bad, as you know, and the public and the congress have citiing mattized that money and the banks therefore have done the best they can to pay it back as quickly as possible. basically all of the big banks have paid back the t.a.r.p. money so it is no longer available to provide support for credit and that's unfortunate. another thing i would like to mention is...
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Feb 1, 2010
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or something closer to stability than what we have now. so i think it's all about talking about those pieces. go back to what i said earlier. you've got to talk about the things that matter to the populations that matter for them. that's the number one piece that matters. >> i think to what extent i would say off the same generic advice i would offer to a liberal member of congress. i actually think to some extent, there's ideological issues but there's issues of freshmen versus non-freshman. the ones who are safer as the ones that are not as a. and i guess i would say to the blue dogs, particularly though that you have a choice here. this election is going to potentially be about the obama presidency, and how it's going. and the referendum on the. so you have two choices. you can make the choice to basically be the guy who is not in favor of the obama presidency because you didn't support that health care bill, which is great except i guarantee you whoever you are running against is going to be more opposed to the obama presidency than yo
or something closer to stability than what we have now. so i think it's all about talking about those pieces. go back to what i said earlier. you've got to talk about the things that matter to the populations that matter for them. that's the number one piece that matters. >> i think to what extent i would say off the same generic advice i would offer to a liberal member of congress. i actually think to some extent, there's ideological issues but there's issues of freshmen versus...
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Feb 17, 2010
02/10
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we can stabilize in the real banks by having huge capital ratios, but maybe the lending is no longer available. and many other things, or what does it mean if you have specific regulations or certain activities, for the efficiency and liquidity in certain markets, so in that sense, it is much more complex and i think we should start and we should start introducing it and while introducing, we may be able to adapt, because things may go somewhat further than what we have anticipated. our goal is -- and this is the noble task of the financial sector, not only to be resilie resilient, to shocks, but also to help the real economy and the people to grow, and to prosper, and that is also to -- always to -- it is an optimization issue between stability and efficiency, and if people think we can move back from a marketplace system to a bank-based, that will be an illusion. we are too far advanced in terms of the global economy. >> thank you very much. i would like to turn now to -- do you want to make a comment on this specific issue? yes, please. >> thank you. in the face of subprime loan i
we can stabilize in the real banks by having huge capital ratios, but maybe the lending is no longer available. and many other things, or what does it mean if you have specific regulations or certain activities, for the efficiency and liquidity in certain markets, so in that sense, it is much more complex and i think we should start and we should start introducing it and while introducing, we may be able to adapt, because things may go somewhat further than what we have anticipated. our goal is...
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Feb 12, 2010
02/10
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. >> don: they need a stop to stabilize the game. >> barry: almost turned it over again. and fouled by williams. that's going to. >> barry: third foul on williams. >> don: good decision to go to dunigan, derrick williams has had success early in the sec half. go back at them with dunigan and that time, went up strong and got the foul. he's got to knock down the free throws. oregon off the snide here. >> barry: first free throw of the game for the ducks and that missed badly. humphrey is going to come into the oregon lineup. >> don: this place has never been easy to shoot free throws in. they have the student section there in the second half right behind the basket. >> barry: one out of two for dunigan. >> don: a good looking stroke for a big guy. >> barry: porter on the bench. and talked to my mike dunlap who was at arizona last year. william, offensive rebound. >> don: rebound by derrick williams. >> barry: right to williams, off the baseline, and credit nic wise. >> don: he's been unbelievable to start the second half with penetration and easy dumpoffs. and derrick will
. >> don: they need a stop to stabilize the game. >> barry: almost turned it over again. and fouled by williams. that's going to. >> barry: third foul on williams. >> don: good decision to go to dunigan, derrick williams has had success early in the sec half. go back at them with dunigan and that time, went up strong and got the foul. he's got to knock down the free throws. oregon off the snide here. >> barry: first free throw of the game for the ducks and that...
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Feb 17, 2010
02/10
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there's no doubt that was very much a stabilizing, stabilizing action. >> do you think we would have gotten two tuesday on aig if there had been action on merrill that they? >> i don't know, know what would've happened. because i don't think, warren, i don't think we could have taken one of the big institution to fail, do you? >> no. >> the system is, i think the thing that is hard for people to understand is, you know, we have 10 institutions that had, 50 to 60 percent of the financial assets in this country and they are so interconnected. i think, in many ways, as bad as this is, and it's terrible, but we look at what could've happened. we were pretty fortunate. >> hank, the british had given you the kind of british like bail warning about the situation a couple of days earlier. but in effect, they blocked the barclays acquisition of lehman. do you think they understood what the consequences were? >> i don't know everything they understood, but remember, there was a requirement for a shareholder vote. >> but we overcame a lot of things in this country. >> that's right. and then wha
there's no doubt that was very much a stabilizing, stabilizing action. >> do you think we would have gotten two tuesday on aig if there had been action on merrill that they? >> i don't know, know what would've happened. because i don't think, warren, i don't think we could have taken one of the big institution to fail, do you? >> no. >> the system is, i think the thing that is hard for people to understand is, you know, we have 10 institutions that had, 50 to 60 percent...
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Feb 8, 2010
02/10
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that provided some stability and some certainty. so the steps you have taken as a congress, the steps we have taken as an administration, that has helped to stabilize things. now, moving forward, blanche, what you're going to hear from some folks is that the way to achieve even greater economic growth -- and keep in mind the economy is now growing at a 6% clip, so the question is when do businesses actually start hiring, because they are now making a profit -- what you're going to start hearing is the only way to provide stability is to go back and do what we have been doing before the crisis. i noticed yesterday when we were -- there was some hearing about our proposal to provide additional financing to small businesses and tax credits to small businesses. some of our friends on the other side of the aisle said, "this will not help but all. what you have to do is to make sure that we continue the tax breaks for the wealthiest americans. that is really what is going to make a difference." well, if the agenda -- if the price of certa
that provided some stability and some certainty. so the steps you have taken as a congress, the steps we have taken as an administration, that has helped to stabilize things. now, moving forward, blanche, what you're going to hear from some folks is that the way to achieve even greater economic growth -- and keep in mind the economy is now growing at a 6% clip, so the question is when do businesses actually start hiring, because they are now making a profit -- what you're going to start hearing...
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Feb 3, 2010
02/10
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but one mortgage analyst says if more isn't done to stem the tide of foreclosures, the stability may be short-lived. >> the biggest risk to housing is the huge pipeline of properties which are either delinquent or borrowers who are delinquent or in various states of foreclosure. the number is daunting. if you look at the total number, it's about five million. so if nothing were done, then that is the number of properties that could come onto the market. >> tom: it wasn't all housing today, though. here are some earnings highlights. a familiar refrain for big oil companies: strong oil production offset by a weak refinery business. we heard the same issues with exxon just yesterday. b.p.'s problems led to an earnings miss. b.p. stock was very active with more than four times average volume, sinking 3% to a new four-month low, even as oil prices rallied to over $77 a barrel. also on the downside today: dow chemical. it was off by more than 3% on almost three times volume. over the last year, though, the stock has more than doubled from $11 a share. the fourth-quarter earnings were bette
but one mortgage analyst says if more isn't done to stem the tide of foreclosures, the stability may be short-lived. >> the biggest risk to housing is the huge pipeline of properties which are either delinquent or borrowers who are delinquent or in various states of foreclosure. the number is daunting. if you look at the total number, it's about five million. so if nothing were done, then that is the number of properties that could come onto the market. >> tom: it wasn't all housing...
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Feb 18, 2010
02/10
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our intent is to include an agreement that will help preserve stability and predictability at lower nuclear levels than ever before. while i will not negotiate with myself in public or with sergey keslyak at lunch, i assure you this treaty will be verifiable and will advance our interests. we would celebrate our efforts to transform our nuclear weapons if posture through the nuclear posture review, which will be submitted to congress next month. and we will continue our work to keep hon. nuclear materials out of the hands of terrorists, by preparing for a successful nuclear security summit in april and the nuclear non- proliferation posture review treaty in may. at this point i do not want to talk about the stockpile -- i do want to stop about stockpile management because it is just starting to get to the attention from congress and to the media even though it is something everyone here has paid attention to and about four years. this is where i should start by reading an editorial written by four of our wisest statesman. george shultz, henry kissinger, sam nunn, and bill paris. they unders
our intent is to include an agreement that will help preserve stability and predictability at lower nuclear levels than ever before. while i will not negotiate with myself in public or with sergey keslyak at lunch, i assure you this treaty will be verifiable and will advance our interests. we would celebrate our efforts to transform our nuclear weapons if posture through the nuclear posture review, which will be submitted to congress next month. and we will continue our work to keep hon....
WHUT (Howard University Television)
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Feb 9, 2010
02/10
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. >>: the scale of the problem is so huge it threatens the stability of the entire euro zone and already thcurrency has fallen to its lowest level in years. yet despite this the eu has made it clear it will not bail the ailing country out. but has approved greece's recovery plan. >>: the greek government is aiming to stamp down on corruption, cut public sector jobs, slash social security by 10 percent and overhaul the tax system, including a proposed 90% tax on bank bonuses. by the end of this year greece plans to drop the deficit to 8.7% of gdp before pushing for the 3% required by the eu by 2012. >>: despite the mess, investor interest remains high and the country easily sold 8 billion euros worth of bonds last week. investor attention may also shift to other high debtors in the med region, notably spain, portugal and italy. >>: another 16 billion will arrive as structural funds from the eu and greece's tourism and shipping sectors are already showing some signs of recovery. eckart sager caught up with the greek finance minister in davos and began by asking what the countrycan do to st
. >>: the scale of the problem is so huge it threatens the stability of the entire euro zone and already thcurrency has fallen to its lowest level in years. yet despite this the eu has made it clear it will not bail the ailing country out. but has approved greece's recovery plan. >>: the greek government is aiming to stamp down on corruption, cut public sector jobs, slash social security by 10 percent and overhaul the tax system, including a proposed 90% tax on bank bonuses. by the...
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Feb 17, 2010
02/10
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so the best we could do is enunciate a target of stabilizing the debt g.d.p. ratio and then the question was at what level. as you raise the target, the deficit with stability rises and then with it the negative effects on our standard of living. and, of course, as you raise the target, the risk of a meltdown in bond markets grows ever larger. but as you lower the target, the changes necessary to get there become more and more implausible. well, we finally decided on 60%. starting on a path toward it to 2012 so not to dampen the economic recovery too soon. and we didn't suggest attaining the target incident 2022. and if you look at our report, the policy changes to get there are really quite extraordinary. the american people today are not remotely prepared for the kinds of changes that are necessary. and when we add state and local debt to make our numbers comparable to those of europe, anything higher puts us into territory where some developed countries have already gotten into trouble with their bond markets. we do have some room to go before we hit the gr
so the best we could do is enunciate a target of stabilizing the debt g.d.p. ratio and then the question was at what level. as you raise the target, the deficit with stability rises and then with it the negative effects on our standard of living. and, of course, as you raise the target, the risk of a meltdown in bond markets grows ever larger. but as you lower the target, the changes necessary to get there become more and more implausible. well, we finally decided on 60%. starting on a path...
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Feb 26, 2010
02/10
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>> sir, i managed the office of financial stability within the treasury, which oversees all of the tarp programs. >> i think it is up to republican side on small business --. >> thank you. mr. graves, i think my question is, let me express a concern first, i think, some of you have stated that we have to achieve a regulatory balance and that is very difficult to do. but it seems as if we've shifted in a way that, where we're trying to establish a risk-free environment and i'm not sure in a free market system if you can do that. and i think that, you know, when i hear from some of but the range of options available, that that when there is a, the underlying asset has gone down in value but the loan is performing loan that you don't need to write down that loan but a lot of the regulators, from my understanding at least in my congressional district are. i've worked with, myself and congressman perfectly multer did a -- pearl mutter, did a doesn't roundtable where they expressed concern of regulatory environment with their ability to loan to small business. i like to defer my time to congr
>> sir, i managed the office of financial stability within the treasury, which oversees all of the tarp programs. >> i think it is up to republican side on small business --. >> thank you. mr. graves, i think my question is, let me express a concern first, i think, some of you have stated that we have to achieve a regulatory balance and that is very difficult to do. but it seems as if we've shifted in a way that, where we're trying to establish a risk-free environment and i'm...